Brexit Day has come and gone. The Big Ben Bongs (try saying that after a few glasses of English sparkling wine) have sounded and Britain has broken the shackles of the European Union and entered a new era of free trade deals, blue passports and control of our borders. If this means paying a bit … Continue Reading
Litigation surrounding film finance schemes continues to rumble on in the High Court. Earlier this month, the High Court in Barness v Ingenious Media Ltd [2019] EWHC 3299 (Ch) granted applications by two banks Coutts and Natwest (“Banks“) to strike out a number of lender claims in a case that is part of the “Ingenious litigation”.… Continue Reading
Last week, the High Court found Genworth Financial Inc. (“Genworth“), liable to pay losses to AXA in the potential sum of £265 million, in respect of compensation that AXA had paid to settle payment protection insurance (“PPI“) misselling claims against two Genworth subsidiaries that were acquired by AXA.… Continue Reading
In BGC Brokers LP & others v Tradition (UK) Ltd & others, the Court of Appeal dismissed BGC Brokers LP’s (“Claimant“) appeal against an order allowing inspection by several other defendants of an unredacted settlement agreement between the Claimant and Simon Cuddihy (“Third Defendant“).… Continue Reading
The recently reported High Court decision in Vorotyntseva v Money-4 Ltd (T/A Nebus.com) shows that freezing orders can cover Bitcoin and ethereum cryptocurrency. It is another example of the Courts finding that a cryptoasset is a form of property capable of being the subject of a Court order. The case was heard in 2018, but the judgment … Continue Reading
In February 2018, we reported here that the Court of Appeal had rejected a stockbrocker’s (Daiwa Capital Markets Europe Ltd (“Daiwa“)) appeal against the High Court’s decision that it owed a client (Singularis Holdings Limited (“Singularis“)) a Quincecare duty.… Continue Reading
On 1 November 2019, the Business Banking Resolution Service (“BBRS”) launched a new dispute resolution pilot in preparation for the introduction of its new service, which was originally announced in November 2018 by UK Finance, a trade body for British lenders. The service aims to provide alternative dispute resolution services for “larger” eligible small and … Continue Reading
The Court of Appeal’s recent decision in Addlesee & Ors v Dentons Europe LLP has confirmed that the documents of a dissolved company remain subject to legal advice privilege (“LAP“) even if there is no longer a benefitting client entitled to assert LAP.… Continue Reading
The Court of Appeal in Simantob v Shavleyan [2019] EWCA Civ 1105 has held that an unmeritorious defence was good consideration for the variation of a settlement agreement, which resulted in payment to the creditor of a lesser sum than the debt due.… Continue Reading
In The Federal Republic of Nigeria v JP Morgan Chase Bank, NA [2019] EWHC 347 (Comm), the High Court dismissed an interim application by the Defendant, JP Morgan Chase Bank (“JP Morgan“), for reverse summary judgment, finding that JP Morgan owed a Quincecare duty of care to the Claimant.… Continue Reading
Where a claimant has already issued related Court proceedings in another jurisdiction, the English Court is unlikely to be the appropriate forum for the trial of a claim, according to the recent High Court decision in Punjab National Bank (International) Ltd v Srinivasan and others [2019] UKHC 89 (Ch).… Continue Reading
A Norwich Pharmacal Order (“NPO“) forces a third party to disclose documents or information to an applicant. These Court orders are typically used to identify a proper defendant to a claim or to get information to enable someone to set out their case in Court documents. The respondent to an NPO application is generally not the defendant to … Continue Reading
The Upper Tribunal, the independent Court that hears appeals from FCA decisions, last week upheld the regulator’s decision to fine Stewart Ford, the former CEO of Keydata Investment Services Limited, a huge £76million (the largest FCA fine on an individual) and ban him from working in the financial services industry. The Tribunal decided that the FCA had been correct to ban and fine … Continue Reading
The recent High Court decision in Caribonum Pension Trustee Limited v Pelikan Hardcopy Production AG [2018] EWHC 2321 (Ch) will provide some comfort for pension plan trustees owed money by insolvent sponsoring employers by allowing trustees to pursue guarantors within the same group for those debts. What was contended to be an abuse of Court process … Continue Reading
Last week the Court of Appeal (The Director of the SFO v Eurasian Natural Resources Corporation Limited [2018] EWCA Civ 2006) reversed the High Court’s controversial and troubling decision from 2017 that concerned the extent to which litigation privilege could apply to documents generated in the context of internal investigations. ENRC successfully argued that legal professional … Continue Reading
The Court of Appeal in Deutsche Bank AG v Comune di Savona [2018] EWCA 1740 has clarified the position as regards competing jurisdiction clauses, particularly when considering swaps and derivatives and The International Swaps and Derivatives Association (“ISDA”) model agreements.… Continue Reading
The Court of Appeal decision in Mr Nobu Su v Clarksons Platou Futures Limited and another [2018] EWCA Civ 1115 from earlier this month concerns the interpretation and application of s14A of the Limitation Act 1980 (“s14A”) and when a claimant is deemed to have ‘knowledge’ of the negligence in order to extend the limitation … Continue Reading
The Commercial Court has recently handed down its judgment in the case of Midtown Acquisitions LP v Essar Global Fund Limited and Others [2018] EWHC 789. The decision provides useful guidance on whther “first past the post” is really a legal principle when it comes to charging orders.… Continue Reading
The Court of Appeal recently heard an appeal from the Central London County Court, in which a judgment debtor (“L”) appealed a decision than an application to pay a judgment debt by instalments had been refused – Diana Loson v Brett Stack, Newlyn Plc [2018] EWCA Civ 803.… Continue Reading
The previous four episodes of the Mastercard saga (as detailed in our previous blog posts) focussed on a number of legal battles between Mastercard and both consumers and retailers. These disputes have centred on Mastercard’s alleged “uncompetitive” interchange fees and restrictive rules on cross-border acquiring. The latest claim by retailers follows a class action brought on … Continue Reading
The Court has recently handed down judgment in Abdullah and others v Credit Suisse (UK) Limited and Credit Suisse Securities (Europe) Limited, a case concerning the suitability of structured product sales .… Continue Reading
The Supreme Court’s landmark decision in Taurus Petroleum Ltd (Appellant) v State Oil Marketing Company of the Ministry of Oil, Republic of Iraq (Respondent) [2017] clarifies where a debt is situated under a letter of credit (“LoC”).… Continue Reading
After a 38 day trial, Mrs Justice Asplin handed down a 187 page judgment just before Christmas in the long-running Property Alliance Group Ltd v The Royal Bank of Scotland plc case. She rejected claims of mis-selling, breach of good faith obligations and misrepresentations associated with LIBOR. Property Alliance Group sued RBS over four interest … Continue Reading
As previously reported on this blog, April saw two important judgments in the Titan and Windermere Class X cases. Those decisions have implications for both “CMBS 1.0” structures that include Class X notes in them, and for the wider financial markets in terms of how the courts are approaching disputes over the interpretation of finance … Continue Reading
